In conjunction with Innovate UK, the Innovation Caucus has developed the Business Model Innovation (BMI) Tool to get companies thinking about their business model and business model innovation.

Taking a broad view towards innovation, the tool encourages businesses to look beyond just improving the performance of products, processes and services, to also think about innovation in other dimensions of the business model. Central to any business model is understanding the different ways in which a business creates and captures value. The BMI Tool helps businesses to explore how well they can explain their business model in terms of the offering, the experience and the configuration.

Originally conceived at end-2015, the BMI Tool has undergone extensive trialling with different formats and questions – including piloting with 40 companies and four focus groups with Innovate UK technologists. The tool has progressed from its inception as a business model innovation wheel to become a personalised self-assessment process that helps businesses understand their business model and discover potential routes for its innovation.

The BMI Tool can be used as a set of physical cards, and is also available online at: http://innovationcaucus.co.uk/knowing-your-business-model/

SSWMG lead Professor Irene Ng is one of several Thought Leaders of the Innovation Caucus, a multidisciplinary team of social science researchers led by Professor Tim Vorley and jointly appointed by Innovate UK and the ESRC. As leading scholars, the Innovation Caucus members provide expert insight and counsel to Innovate UK and the ESRC. More info about the Innovation Caucus at: http://innovationcaucus.co.uk